love him. he just wrote a piece today talking about how he doesn't believe the delta variant is going to affect the markets but i do think that anymore worry as we get toward the end of the summer about any sort of continued lockdown could easily throw a wet blanket on it. charles: i've got you. i'm with you there i hope these states don't go back there at all. amen. charles: we loved a lot i appreciate it, my friend, thank you. liz claman, not a bad market as we go into the last hour of trading. liz: can you believe it, charles we're 59 minutes away from wav ing goodbye to the first half of 2021 everybody on this final trading day of the month, the quarter, and the first half, the s&p 500 ever so close to its fifth straight record close, and by the way, any gains for the nasdaq, we're not there right now, we're down 18 points though does mean a new all-time record close, as traders, investors and money managers rush to rotate out of the first half winners, and into the next big things, will work from

anywhere stocks make the final cut or be left on the bench? slack already huddling up on the field ahead of its big combo with salesforce the ceo from the favorite work-from-home chat tool is here live on huddle, the new product, rolling out to take on teams, and zoom, and maybe even clubhouse, post- pandemic. we've got to talk about stocks going crazy at this hour, as the prospect of editing dna to eliminate deadly diseases gets closer to reality, and ceo at the helm of the newly-public genetic testing kit giant 23 and me she's here live and we'll talk about how the strands of dna are being sliced and diced how she sees the building blocks of life driving her company to profitability, and a courtroom shocker, in just the last hour or two, the pennsylvania supreme court has overturned comedian bill cosby's conviction for sexual assault.

he is being released at any moment. we're going to have up to the minute details on the developing story, and whether the entertainment industry will embrace or reject the famed comic, but first, let us get right now to breaking news, we're in the final hour of an insanely busy parade of ipo's , dede driving on to the new york stock exchange in style after opening its $16.65 well- above its $14 share price, you could see right now, it's back down to about 14.56 still a gain of 4% the china-based ride hailer rates $4.4 billion in the ipo which popped 19% at the open, giving it at one point today an $80 billion valuation. dede's american debut is the biggest for chinese company since alibaba back in 2014. what does this mean for rival uber? we look at uber shares you do need to epidemic koala in mind that uber is still holding a sizable stake as part of the terms of the buyout of uber

's china business back in 2016, so it's both kind of a friend and is that a frenemy? you do have uber down about 1%, lyft which does not have international exposure is moving higher by just under 1%. didi not the only stock making its splash in the first day of trade. airport security clear, we want to show you that. clear secure also going public today. right now it's up 33.9%, and then you've got digital ad firm not jumping to the head of the line it is down about 3.5% after closing its $2.6 billion spac deal with blank check firm ion acquisition corporation okay so those are the big three ipo's today but we are now 57 minutes away from closing the history books on the first half of 2021. let me show you what the markets have done so far you guys this year now the dow looks to gain about 12.6%, the s&p up 14 and 1/3% and the nasdaq has seen

gains of just under 13%. now the russel 2000 and the dow transports, they've done even better than all those three majors both are jumping we have the russel better by 17%, and a transports, 19% jump respectively. some of the best performing stocks so far this year, amc entertainment look at this , up more than 2569% and then vertex energy, which spiked nearly 1800 %, gamestop, up 1000%. got to talk about the biggest laggards so far of the first half, xl fleet a leader in vehicle electrification solutions its lost nearly 65% in the first half, romeo power another electric solution company down 63%, and used car giant car lots has lost more than 50% this year, so far, so as we stand on the precipice of the second half, let's get to our market floor show experts, brian nick and seaport

securities teddy weisber g. brian, look generally at the end of the first half we see money come out of the best performing stocks and into under performers that they see have potential. spin it forward for us. where do you recommend investors shift for the second half of 2021? >> sure, thanks for having me, liz we've already actually seen that in the first half of the year we had a really strong first quarter for value, a really strong second quarter for growth and where we go is we'll continue to see multiples come down gently on the broader market. that means that the very highly- valued higher-growth stocks are the ones we're going to be tending to stay away from, we want to be higher quality growth and play that reopening trade a lot of which will be in cyclicals and in values so in banks, industrials also staying in technology. liz: okay, that, i'm really glad you just brought up technology because that is a huge question, brian do you go into big big tech one of the sub sectors what are you bird dogging for the second half? >> we want to be more cyclic ally oriented when it comes to technology so we could be in software companies because there's a lot of investment happening in software businesses are looking to upgrade worker

productivity, they can't find workers to take jobs so trying to make their existing workforce more productive so as we're see ing they are buying equipment which means we like industrials, buying software which means we like the tech firms and we want companies geared into what we still think is a very powerful cycle broadening outside of the u.s. over the balance of this year. liz: teddy, with the old addage what worked in the first half doesn't work in the second half, do you agree with that and if so or if not where do you put your money? >> well i'm inclined to agree with brian. i think i mentioned this before, i think a lot of the low hanging fruit has been picked. you can just by looking at all of the popular averages, some have outperformed the others but basically they have all done pretty good which means the ris ing tried floated a lot of ships, liz. going forward, i think the cost of low hanging fruit has been picked. it's going to be a lot tougher there are potential headwinds out there, political headwinds, vis-a-vis the real possibility of increased taxes, including

capital gains taxes. you have a fed that's starting to send a mixed message and if they become less accommodative that's going to be a problem, so i just think you're going to have to be careful going forward not the end of the world i just think it's going to get tougher. i would look at large cap tech. i would look at financials, just to have a play in the higher interest rate if in fact they come. i'd look at the energy level, and i would look, which is a sector that very few people mentioned, i would continue to look at the exchanges, including stock like ice. liz: yeah, well, you know, the exchanges because we do have the retail crowd piling into trading, i get that. i think it's a fascinating pick for you, teddy, thank you. brian, i do quickly want to just bring up treasuries. kind of dead money. the 10 year yield as we see , earlier today it was at about 1.45%, so let's just switch it to corporate credit. do you see a sweet spot in corporate credit and if so,

where? >> sure, you're absolutely right. anywhere on the treasury curve you're a pretty good chance of getting swamped by inflation just on your yield over the next year and we think it's going up which will cost you on the capital gains side so if we look at corporate credit, we like single b's sorry triple b's for higher quality corporate credit, single b's for high yield, so we're moving down a little bit in terms of credit quality, because you want to capture that yield and spreads between corporations and treasuries, are at their tightest level since 2005 so there's still probably a little bit of lemon juice left to be squeezed out but not nearly as much as there was a year ago. liz: brian, teddy great to see you. have a great second half. we do just want to check the dow up 187 points right now. folks a stunning piece of breaking news, we need to get to right now. bill cosby has now, and we've confirmed this , has now been released. he is a free man. this after his 2018 conviction on three counts of aggravated indecent assault has been over turned by pennsylvania

supreme court. he was just sprung from prison after serving two-plus years of a scheduled 3-10 year sentence. cosby, of course, made a fortune estimated at $400 million during his 50 years in the entertainment industry, and in great part, due to the cosby show. let's get to the fox business newsroom and jackie deangelis following the story, and then of course the big question, number one, how did this get overturned and will entertainment industry giants, you know, embrace him or reject him? >> it's a great question, liz and i will get to that but let's just start here with the fact that he is a free man today. there will be no more trials and this was a ruling as you said from the pennsylvania supreme court. just moments ago he was official ly released. he is no longer on prison property at this time. now the court overturned cosby's conviction saying his trial didn't grant him proper due process. essentially, that it wasn't fair , right? it wasn't fair for two reasons. reason one, at retrial, five additional accusers were allowed to testify. the supreme court said that that

tainted the trial, while the lower court said that it was needed to show a pattern. reason two, in the second trial, evidence was entered that was used in a civil case with one accuser. this court said that the evidence shouldn't have been allowed and that it violated cosby's fifth amendment right to self-incrimination. this came from the district attorney, kevin r. hhssteele his statement he was found guilty by jury and is now free on a procedural issue relevant to the facts of the case. really interesting point of view there, of course the opposing side. i want to talk about this though what he's been through, cosby served more than two years of his three to 10 year sentence and he's been through a lot. his first trial in 2017 ended in a mistrial. the 2018 retrial was when he found, was found guilty of aggravated indecent assault. then of course he was sentenced in september of 2018. recall that he was the first big case of the me too movement and it may raise questions on

whether or not additional witnesses can be called in future matters. felicia rashad tweeted this , " finally, a terrible wrong is being righted, a miscarriage of justice justice is corrected" so to your second question, will the entertainment community take him back, liz? well he's 83 years old. he is well past his prime and this be more than a black eye, i think, with respect to his reputation, so we'll have to kind of see how it goes even if he would consider making that kind of play. liz? liz: yeah, you know, the world is well-aware, certainly in hollywood, of all of the networks that passed on the cosby show which then became a jug errant for nbc, but now, we'll be watching this very closely, and i'm not sure he wants to go to the public eye either but once again as jackie has just reported, bill cosby, stunningly, in an a big surprise , released from prison, this cannot be retried. he is free.

all right, slack in salesforce huddling up but the big question is now when will that multi-billion dollar merger go through? slack ceo stuart butterfield is here. i'll ask him that, and how his brand new products unveiled just today aim to eliminate, not just zoom, but maybe clubhouse too. at least the working form of it that's just a start of what slack is unveiling right now. you'll hear it, when the closing bell comes right back, we are 48 minutes away from hearing it ring, dow gaining 191 points, that russel on a terror, once again, up another five points.

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liz: we got to check in on zoom shares, they're dragging a little bit, just a day after bumping higher, thanks to an acquisition of a german translation firm, but could this be a sign not just of profit-taking but zoom fatigue kicking in? are people kind of tired of scheduling zoom, and then sending the invite, and then having to appear on a less than flattering laptop or phone cam and then saying, brad, you're muted. liz, you're muted. [laughter] i mean, how many times has that

happened? workplace messaging app slack today unveiling what it believes is a better way, as it awaits the completion of its acquisition by salesforce. slack has just introduced a new suite of features including slack huddles, an audio-first way to start live conversations in a way-faster more spontaneous way, i guess. slack ceo and co-founder stuart butterfield ready to huddle with our viewers on this news, hi, good to see you. you know what i think is interesting about this? if we start with huddles, this is sort of the work version of clubhouse, but you got to explain to our viewers why they would pick this over any other choice that's out there. >> all right well, you know, i think it's for a certain circumstances, but the easiest way to imagine and this might sound a little strange is like a taxi dispatch where you can be tuned in or not but if you're tuned in when someone talks you hear it, and the difference is it's a little bit like a couple desks over from me and i shout

out a question everyone overhear s it and you might have a conversation that lasts two minutes and kind of peters out but you wouldn't do that on a zoom call, the conversation doesn't peter out, it's for the full 30 minutes, and the hope is we can recreate some of the spontaneity of those office conversations. i do want to say though that it doesn't replace zoom in wholesale. we're still a happy zoom customer. it's just we have had for a long time that eight people get in a conference room and have a whiteboard and we have now the screen that has a bunch of rectangles and video feeds of people's faces. there's more tools that are necessary in order for us to cover the whole kind of spectrum and also to create new stuff. liz: so you basically have it all, you've got a big conversation, you can just check in with somebody versus making a schedule of hey make sure to tune in so we can discuss this , but your mic isn't always hot, correct? >> no your mic, you have control over all of that, but you know, we have seen teams where they work together really

closely you can imagine marketer s launching a website and some will join, and it's different than starting a call and the call ends. they just join if whether they are present or not. their speakers are on and if someone else joins then they will hear it and it becomes really powerful especially for the small group conversation s but it doesn't replace the need for realtime video, communications, it's more of a supplement, and speaking of supplements, i think we've moved from a world where people think about digital technologies as a supplement to in-person meetings to something like the other way around and maybe we haven't all realized that yet, but software is a lot more essential to the way that we operate. as you saw in the pandemic we could give up our offices but we couldn't give up our software. liz: yeah, i get that. the last time we spoke, you hinted that there were so many of these ideas that were coming, including slack atlas. when there's a whole suite of other competitors out there,

whether it's microsoft teams or google meet, et cetera, give me a sense of what i get special from slack atlas. >> all right, well slack atlas is kind of a super charged employee directory, so obviously , employees get some power to edit them, the difference is that they don't have to. we're able to pull data from multiple sources, the hr system , and other sources inside the company to create something that makes it very easy to find out about your colleagues and that becomes essential in a world where many of us are not going to be in the same physical location, or even just for large companies. the companies that have hundreds of thousands of employees are never all in one place. for us, 35%, i think now, of our employees started post-pandemic and so it's a way to get to know people, the teams that they are on, the skills and the whole kind of spectrum of their personality. liz: stuart we are going through

a change because obviously the world is emerging once again , but what should business managers understand about how their employees have changed over the past 15 months during the lockdowns? i was having conversations with some of my co-workers who said you know, i'd really actually appreciate one day a week where i could actually be at home and still continue to remain very much a contributor, not take a vacation day, but work-from-home , by using tools like slack. what are you hearing in the broader sense from managers and what should they be thinking about? >> it's a great question, and i would say there's three things. the first and maybe most important is to recognize the opportunity we have now to really be creative and to rethink some of the processes that we've just kind of take for granted. unless you're a professional philosopher it's hard to be questioning everything all the time, but we do go with a lot of assumptions that aren't necessarily the most effective,

so one, time to get creative. the second one is this is going to be a market-based decision. the individual executives, individual companies are not going to get to decide the degree to which people work from offices or not, just like they don't get to decide unilaterally on compensation. employees who are faced with two job offers one from a company that insists you're there five days a week and one that gives you the option, i think, everyone would choose the option i don't mean they don't want to see one another or they don't want to be in-person, because it can be great, but you know, i have a six and hail-year-old and i think sorry, six and a half week old, big difference, and i'm just coming back from maternity leave. liz: [laughter] that's sleep deprivation, stuart >> exactly that's it. in the old world it be like there be this anxiety about, you know, having to get back on the train for an hour every morning, and go to the office

and come back and the baby is asleep. with the flexibility to work-from-home it's kind of transforms the relationship that you have with your family, the number of places you can live and i guess the last thing i'd say is theres a real benefit to employers in being able to hire outside places where they have offices, so we have i think 15 offices around the world. obviously, there are hundreds of millions of people who be potentially good candidates would don't live in those areas so when people say, you know, our employees only have to come into the office two days a week they are still supposing that everyone lives within commuting distance so there's more changes than people anticipate. liz: yeah, quickly before we go, when is this merger going through? is this your last quarter as a publicly-traded company? salesforce just had an $8 billion bond float, sale it went really well, you know to fund the acquisition. when can we crack the champaign open? >> well, we're hoping in the next month or so, but the

department of justice in their internal wisdom will make that decision for us and i'm sure it will be a good one. liz: okay, all right, well we'll be there watching, thank you, stuart. we really appreciate it. >> thanks great to see you. liz: stuart butterfield of slack former president donald trump right now touring the border between texas and mexico with governor greg abbott. the governor wants to go it alone in building the border wall at least by his state. in just a moment we're taking you live to the border, where donald trump is about to tour the area a little bit more deeply into it, plus the non- wall stock, the non- construction stock that could help secure and protect the u.s. mexico border and maybe your portfolio. plus, bitcoin, the borderless currency, let's take a look at it right now along with ethererum and litecoin bitcoin is down about 1,300, still about 34, 700, ethererum is in the green at 2,202 litecoin down just a bit

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liz: fox business alert, didi is not the only chinese stock popping in today's top stocks. citigroup hiking its price target on the chinese ev maker for the second time this month, this time, from $58 to $72, right now, neo is up 6% to 53.37 now the big bank forecasts quite robust deliveries, for the second quarter, and for the rest of the year, despite the ongoing chip shortage that's been denting global auto production. citi is part of the 75% of the street analysts with bullish ratings on neo shares which have climbed, are you ready? 552% year-over-year. now, neo's competition has done pretty well too, lee auto

gaining 111% year-over-year, right now, it's moving higher by another 2%, expang up about 1/3 of a percent good for 109% jump year-over-year, and looking to raise $1.8 billion for its hong kong public listing, and now, with a spike of 215%, it is tesla year-over-year, that out paces all of them. shares today up 1/3 of a percent after ubs cut its second quarter delivery forecast citing softness in china sales and how could this ev maker stock be down right now? this , i don't get , because arc amoto skidding 1.8% despite this unbelievable news, it's teaming up with lightning motorcycles to election trish regan friday the hog market with the fastest, are you ready, tint ing three-wheel motorcycle, in the world. like naturally tilting, to the sides, would make it look really cool. shares of fuv, stands for fun s

uv, fun utility vehicle maker is a reddit room favorite, arcimoto is the actual name and it's flagging about 2%. we should get to the original meme stock, bed, bath and beyond the retailer living up to the third word in its name, jumping beyond more than about 10% right now. it had been up 31% at session highs after beating revenue estimates, and raising its full year forecast. we do have shares at $33.18 and on the flip side college bookstore barnes & noble education staring down its worst day since the start of the pandemic after posting a wider than expected loss in the fourth quarter, due to ongoing covid restrictions at campuses across the u.s.. it's falling about 18% right now , and then you could look at at home learning stocks also finding themselves in the reddit this hour, online textbook client chegg down 2.25%, stride

down 2%. we are just getting breaking news in, former defense secretary donald rumsfeld has died. this according to a statement from the rumsfeld family. rumsfeld, of course served in that capacity under presidents gerald ford and george w. bush. rumsfeld was 88 years old. he was surrounded apparently by family at his home in new mexico donald rumsfeld, gone, today. we also dovetail this breaking news former president trump touring the texas mexico border at at this hour. he is there with texas governor greg abbott after searching members of illegal crossings, the lone star state does desire to go it alone, to complete its portion of the border wall. what are we talking about here? put it on the screen. the u.s. mexico border stretches 1,954 miles, texas is part of this is huge, unfinished border wall system there still has major gaps and governor abbott has raised about half a million

dollars in pledges to complete the construction of the texas part of the border. many infrastructure stocks have seen significant growth since the wall building began during president trump's presidency, but take a look at the border stocks that do not involve construction of an actual wall. so we're not talking about cement makers and steel companies. we're talking about security cameras and infrared surveillance stocks along with drone names, elvit systems up about 1/3 of a percent, tetra up 1% and magal security systems down 3%. when we're talking about a physical wall though, we take it straight to the border right now , where our grady trimble is standing by live, specifically on the ground in mcallen, texas, where president trump is there right now. grady? reporter: hey, liz and texas is filling the gaps where governor greg abbott who is with the president says the federal

government is falling short and one of the ways they are doing that here in texas is by literally, filling the gaps where the wall construction came to a screeching halt, under the biden administration. we shot some video where you can see the wall was being built and the biden administration took over, and suddenly, it came to a complete standstill. there are still materials on the ground there in la joya, texas. there are pieces of equipment, heavy machinery not being used because, well they're not building the wall right now. governor abbott as well as the former president, here today, in texas, were pretty critical of president biden's policies. they say, and law enforcement officials on the ground here tell us that walls work. listen. >> the people of texas have been pleading for us to be able to step up and help restore safety and security in their lives and that is exactly why texas is stepping up and doing a job that is truly the federal

government's job. reporter: and governor abbott has pledged $250 million of taxpayer money from texans to complete that border wall. there are a lot of areas, as i mentioned, where the wall construction just completely stops. he wants to fill those for now with temporary barriers, eventually with a permanent structure, and presumably if he does that then some of those infrastructure stocks that you mentioned, construction materials, the companies that make heavy machinery, they would receive a boost but as of right now, that is mostly an idea they're clearing brush, getting ready to do that. it's unclear how much that would cost if they ultimately went through with that project or how many miles of border wall they be able to build with that $250 million, liz. liz: all right grady trimble live at the texas border with former president trump and governor greg abbott. thank you very much. quick note here.

the dow is now up 204 points i do just want to mention too, virgin galactic has gotten double grounded. bank of america knocking richard branson's space tourism company down two notches to under perform, so it's down 1.8%, but still up more than 50%, quarter to data loan. the big bank does predict the shares will soon come back to earth falling more than 8% at session lows, virgin galactic as you see , kind of trying to fight back here it stands at $46 even. speaking of branson, a look at the dna of richard branson's newest investment to enter the market universe, 23 and me ceo ann wajiski is here on her plan to stay in orbit for her investors and why one hot new sector could be the key to the future. we're talking about crispr stocks, 23 and me genetic testing kits and more closing bell about 25 minutes away. we do have the dow charging higher by 206 points now, s&p

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go to golo.com and see how golo can change your life. that's golo.com. ♪ liz: some fascinating breaking news in the world of biotech, what we're about to tell you is not from a science fiction movie this is real life and it involves so-called crispr technology and stocks. specifically, intelia therapeuti cs and regeneron announced a gene editing breakthrough, no wonder these stocks are popping, regeneron better by 2 1/3%, and the first-ever human study evaluating gene editing therapy the two companies were able to use the emerging technology to edit or snip out dna in babies to help avoid a serious illness later on in life. enter 23 and me. one of the leading consumer genetic testing kit companies on

the market, and the only one that provides fda approved genetic health risk reports directly to consumers. joining us now, one of the world 's newest billionaires, 23 and me ceo and co-founder ann wojiski. ann, this is incredible stuff and if crispr technology can hopefully enable at some point on a grand scale editing out the genes that predispose people to diseases like alzheimers and diabetes, as i see it 23 and me is sort of the first step in flagging people that they are at risk of these diseases in the first place. how do you view the crispr breakthroughs? >> two things first and foremost look at part of a mission of 23 and me is just understanding the genome. like you can't edit unless you know what you want to edit, so first and foremost like how are we actually going to understand the whole human genome and second is you got to empower people to actually get access to this information, so it's one of the things we do do is we hand

over, you know, to our 11 million customers, very valuable information about their genome, and some of it is absolutely going to be able to be applicable to some of these crispr therapies in the future. liz: let's talk about what your genetic kit and we have it rolling here on the screen, of the specific sort of predispositions or hereditary problems that people maybe able to flag through your kits, and then, what is the next step for you, as the company, and for the consumer who receives this information? >> well it's exciting when the human genome was first sequenced in 2003 and we came out and said the nih said the human genome is going to transform how people are going to, you know, prevent, treat, and manage all disease, and so what's so exciting now is that people have this opportunity to get this information and to understand what their risks are,

and if you understand that you have a risk for a certain kind of condition, like heart disease , or type two diabetes, or macular degeneration, then you actually have an opportunity to prevent the disease, and what i think so much about is how much we would rather never have a disease, than actually treat it successfully. so what i really think about, empower people with true personalized care. everyone talks about permized medicine, but when you think about what is the foundation of personalized medicine is it's your genetics, and you need to know what you are inherently at risk for in order to know how to actually prevent. liz: well to that end, anne, do you eventually see partnering with some type of crispr technology as you develop and grow this company? >> i see crispr as an absolutely phenomenonal tool. she's a breakthrough prize

winner and somebody that we see often, obviously she's one of the leaders in nobel prize winner in crispr, so we innocence see this as a phenomenonal tool that could be applied and could be a partner with my 23 and me therapeutics team so absolutely something that stays on our radar. >> its been two weeks since you guys de-spaced and went public. how is that going and when i look at somebody like you, because i followed your company well before it ever even considered going public, you were both a founder and an operator, and listen, the valley is filled with people who are really good at one or another, but certainly not both you've managed to scale both mountains at the same time, being both i guess you could call it a pioneer and then a settler but how do you scale up, and what's in the pipeline here? >> what's so exciting is everything that's happened during this pandemic, with the opportunities for getting people online, on healthcare so what i think about where we're

going, my ultimate mission is starting this company was empowering people with information to live a healthier, longer life, and that is going to come from genetic information either being applied to the drug discovery world, the 23 and me therapeutics is over 40 programs underway in collaboration with g sk, or potentially from applying your genetic information to helping you prevent, and so 23 and me, part of what we talked about in the spac process is specifically how can we more and more leverage the fact that our customers, 11 million customers, over 75% are already trying to take changes to the behavior, how do we do more to help them actually hit their goal of having a healthier life? so i think about the whole world that has exploded right now with online care, at home testing, how do we help people more and more get access to all that information and leverage their genetic information and

apply it there. liz: well, it's brilliant and we're watching it and by the way , i'll tell you what's healthy for 23 and me is coming on fox business you guys just hit session highs so we'll be watching, and anne, thank you. we'll see you next time. anne wojcicki, ceo and founder of 23 and me. we're coming right back charlie breaks it on robinhood and its ipo quest. well, geico's 85 years isn't just about time, you know. it means experience. i mean, put it this way. if i told you i'd been jarring raspberry preserves for 85 years, what would you think? (humming) well, at first you'd be like, "that has gotta be some scrumptious jam!" (humming) and then you'd think, "he looks fantastic! i must know his skin care routine." geico. saving people money for 85 years. beg your pardon. advil dual action fights pain 2 ways.

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liz: we got this breaking news, the s&p just touched a new session high, which means a brand new, all-time intraday high, controversial trading app robinhood feeling the heat after wall street self-regulators slap ped it with a record $70 million penalty.

this comes as investors eagerly await the company's ipo filing, let's bring in charlie gasparino , on this spin reveal and everything else. what does this mean for the public listing? charlie: i think it helps the public listing let's be real clear this is a lot of money for the sec rarely fines people more than 10, $20 million, i mean, these are big, this is a big case. it's done not by the sec, the uber regulator the securities and exchange commission, it's done by what's known as self-regulator. wall street just so people kind of understand this , is regulated in several ways. there's a self-regulatory organization that it finances, that's called finra, the financial industry regulatory association and on top of that there's the securities and exchange commission which regulates not just hit finra but the street itself so that kind of how it goes here it's called cell- regulation they think it's a better, more cost efficient way to regulate the securities markets. this self-regulatory organization has fined robinhood $70 million and again, that's a lot of money.

here is what i do know, that the robinhood chose to pay and probably pay more than it might have needed to if it litigated or at least extended the negotiations with regulators , to simply get it out of the way. i mean, this is, they did not want to, from what i understand, is people close to the company they did not want to have to file, put this in the s-1, that's the offering document which should come out pretty soon, that's the offering document on the ipo. they didn't want to have this whole thing in there where it says finra is investigating us for possible blah blah blah blah blah so they basically went in there and they said let's get this out of the way, let's disclose it now, and let's full steam ahead with the ipo so that's what the they are doing right now. again, s-1 should be coming shortly. they are still working with the sec so there's no firm date on the ipo. you've seen reports in july, i mean i've heard the same numbers it could be july, it could be later in the summer but they are

still working with the sec. i think they still have to clean-up other potential regulatory issues so that's what they are dealing with. again you'd rather not have to put that in the ipo. let's put up this statement by robinhood because this is important. it's their side of the story. robinhood has invested her ill it in improving platform stability and enhancing our educational resources and building out our customer support and legal and compliance team. we're glad we put this matter behind us, and continuing to focus on our customers and democratizing finance for all. the case was just essentially about not disclosing stuff, the whole delay of trading, remember that whole thing, they had to give some restitution to that? liz: yup. charlie: and other issues involving what they are working to fix, liz back to you. liz: charlie gasparino, with a no tie wednesday, all right we're coming right back with $600 billion man he's our countdown closer.

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[music ends] liz: just minutes from the close. we just hit brand new session highs for the dow and the s&p. first half of 2021, we are two minutes away from the close. what should investors be doing to start preparing and reloading for the second half? we turn to our friend federated hermes global, steve haas. start with the energy sector, steve. >> exxon, schlumberger, big beneficiaries of this roaring economy we got now, liz. cheapest stocks in the market. banks came through the stress test. they look good. they're retesting levels and heading higher we think. commodities stocks like cleveland cliffs, we're all in on the cyclical value trade.

they have all pulled back. back end fundamentals look terrific to us. these are some of the cheapest stocks in the market. i think that is what we see the back half of the year, is another big run at these stocks. liz: let me say cleveland cliffs up 47% in the first half. exxonmobil up 53% year-to-date. schlumberger up 46%. let me get to jpmorgan. that is up 22% year-to-date. that is the financial pick. you do have picks for the auto sector, steve. what are those? >> we like gm and volkswagen. they are both very inexpensive stocks. all these stocks have had big pops and now big pullbacks, call them eight to 10%. we think they're all heading much higher. the auto stocks are good for the near term and they're both gm and volkswagen big ev plays. we think they have aways to run. liz: gm and volkswagen. all right. so you're not subscribing to the old, the beaten down ones from

the first half because these are all up for certainly the first half. steve, we're glad to have you on this last day of the quarter. [closing bell rings] the last day of the month. the last trading day of the first half of 2021. five straight closes for the s&p at record highs. the dow closes near session highs. that will do it for the claman "countdown." "kudlow" is next. larry: hello, everyone, and welcome to "kudlow." america the great. i'm larry kudlow. we're celebrating july 4th through the lens of the declaration of independence which is what really july 4th is all about. in the late spring of 1776 thomas jefferson was asked by the continental congress to produce a draft of what would become the declaration of independence. and as he wrote many years later, let me quote, the other members of the committee unanimously pressed on myself alone to undertake the draft. i consented.